Viewing Month: February 1945

Tabell’s Market Letter – February 01, 1945

Tabell’s Market Letter – February 01, 1945

Tabell's Market Letter - February 01, 1945
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February 1, 1945 TECHNICAL MARKET ACTION The utility average at Thursday's close of 27.35, approximately equaled the August 1939 high. This group, and a number of special issues, have featured the market so far this week. During the same period, the industrial and rail averages have more or less marked time. The industrials have held in roughly the 153-154 range and the rails between 47 and 48. Expect a continuation of the trending area in the industrial average with specialties featured on the upside. Until a new formation is built up in this average, 156 on the upside 150 on the downside should mark the limits of the trading range. Unusual news happenings might extend the range a few points in either direction. A number of special issues show interesting technical formations. One of these is Radio Corporation. Since reaching 12 3/8 in July 1943, Radio has done little marketwise. The low since that date has been around 8 1/2, but during the eighteen months period since July 1943, e great deal of the time has been spent in the 10-11 range. The built up is potentially bullish. The bullish pattern would be confirmed if the stock is able to penetrate the resistance around the 12 level. Advise purchase of Radio if a price of 12 is reached. Profit taking on recommended railroad issues was advised early in January at prices, in most cases, considerably above present levels. The writer still believes that the lone term indication for the rail average is at least the 65-70 area. The rails, at Thursday's close of 47.50, were down over 3 1/2 points from the January high. A reaction to 46 1/2 would indicate a further decline to the 44-43 level. If that level were reached, the writer, from a technical viewpoint, would consider the rails an outstanding purchase. EDMUND W. TABELL SHIELDS & COMPANY The opinions expressed in this letter are the personal interpretation of charts by Mr. Edmund W. Tabell and are not presented as the opinions of Shields & Company.

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Tabell’s Market Letter – February 08, 1945

Tabell’s Market Letter – February 08, 1945

Tabell's Market Letter - February 08, 1945
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February 8, 1945 TECHNICAL MARKET ACTION The industrial average, at Thursday's close of 155.54, was just a shade below the January high closing of 155.85. Thursday's intra- day high of 156.17 was also below the comparable of 156.68. The rail average was still more then a point below the January high. At this stage of the market, it seems appropriate to again discuss the tecru1ical outlook for the three trends. As to the major trend, the writer still continues to look for substantially higher levels over the longer term. The action of the utilities has added additional confirmation to the; bullish pattern. In penetrating the 193-1939 high, this average (now 27 1/2) indicates a long term uptrend to above the 50 level. The rail average (now 50) still indicates an eventual objective of 65-70 and the Herald-Tribune average (now 114) is in a long tern uptrend to the 164-167 zone. Neither the DOW-Jones industrial average nor the New York Times average has, as yet, confirmed the long term uptrend. However, the technical patterns of individual issues suggest that eventually such a confirmation will occur. The Dow-Jones industrials (now 155 ) would confirm at 159 and the New York Times average (now 109) would confirm at 116. Thus, the long term investor who is not concerned with the intermediate fluctuations of the market, should now be 100 invested and should remain so. To be transcribed later

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Tabell’s Market Letter – February 15, 1945

Tabell’s Market Letter – February 15, 1945

Tabell's Market Letter - February 15, 1945 page 1
Tabell's Market Letter - February 15, 1945 page 2
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To be transcribed later J, ,'-.-' -2- Allieu Chemical Allis Chalmers American Bank Note Amer. Car & Foundry Amer.Pr. & Lt. 5 pfd. Arner.Pr. & Lt. 6 pfd. Anaconda Wire Atlantic Coast Line Barber Asphalt Black & Decker Cities Service Commercial Solvents Delaware & Hudson Distillers Seagram DoVl Chemical General Precision Equip. Great pfd. Hercules Motors Illinois Central Lima Locomotive LiqUid Carbonic Motor Wheel Newport Industries Pere Marquette pfd. A. ,0. Smith Southern Pacific Southern Railway Worthington Pump Da1;e Recommended Dec. 9 Dec. 20 Dec. 18 Dec. 20 Dec. 13 Dec. 13 Dec. 6 Sept.18 Dec. 6 Sept.18 Dec. 9 Sept.lS Dec. 9 Dec. 13 Dec. 20 Sept.18 Sept.lS Sept.18 Sept.18 Sept.18 Sept.18 Sept.18 Sept.lS Sept.lS Sept.18 Sept.18 Dec. 6 Sept.18 Price Recommended 153 37 7/1', 20 3/8 39 7/8 51 58 3/4 36 1/2 36 3/8 21', 21 1/2 14 5/1', 15 1/2 30 1/4 36 111', 1/2 22 37 1/2 21 1/4 15 3/8 38 1/4 27 1/4 20 1/2 17 7/1', 44 1/2 35 3/4 27 1/4 31 3/8 29 5/8 Thursday's Close 157 39 7/8 22 40 5/8 59 3/8 65 39 3/1', 52 3/4 30 5/8 23 3/4 17 165/8 .38 1/8 39 3/4 122 7/8 23 1/2 49 7/8 24 1/2 23 1/8 50 1/4 30 1/8 24 5/1', 19 5/1', 69 52 1/2 42 3/4 35 5/8 38 3/4 Points Profit 4 2 1 5/8 3/4 1', 3/8 6 3/4 2 7/1', 16 3/1', 2 5/8 2 1/4 2 3/8 1 1/1', 7 7/8 3 3/4 4 3/1', 1 1/2 12 3/8 3 1/4 7 3/4 12 2 7/8 4 1/8 1 3/4 24 1/2 16 3/4 15 1/2 4 1/4 9 1/8 EDMUND VI. TABELL SHIELDS & COMPANY The expressed in this letter are in the personal interpretation of charts by Mr. Edmund W. Tabell and are not presented as the opinions of Shields & Company.

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Tabell’s Market Letter – February 26, 1945

Tabell’s Market Letter – February 26, 1945

Tabell's Market Letter - February 26, 1945
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February 26, 1945 TECHNICAL MARKET ACTION Cities Service common closed at 19 5/8 on Monday after reaching a low of 19 during the day. The stock has a most interesting technical pattern. After reaching a low of 2 1/8 in 1942, Cities Service advanced sharply to above 18 in July of 1943. Then for an eighteen month period from July 1943 to January 1945, the stock held in a broad trending range between roughly 18 and 10 1/2, with most of the time spent in the 17-13 area. The upside penetration of this long trading range early this month was a very bullish technical signal. It indicated that this area was a re-accumulation zone with a base count indicating substantially higher levels over the intermediate term. On reactionary phases in the general market, excellent support should be met off the top of the old trading range at the 18-17 1/2 level. Cities Service reached a high of 21 1/4 in February and at Mondays low of 19 had reacted over two points. The writer believes that Cities Service is in a buying range in the 20-18 area. The stock has had a drastic decline from the 1929 and 1936-37 tops. The present stock is a 1 for 10 split of the original stock. On an adjusted basis, the present stock sold at a high of 681 in 1929 and 73 3/4 in 1936-37. While Cites Service common is an extremely speculative vehicle (with large arrears on the preferred issues ahead of the common), the stock from a technical viewpoint, warrants purchase for ultimately higher levels. The market continues to meet resistance in the 158-160 area of the industrial average. After the sharp runup of recent weeks, it is only normal that at least a consolidating period should occur at around present levels. Expect the market to remain in a range bounded by 163-167 on the top and 155 on the bottom. Would sell at the upper limits of the range and buy on price recessions to the lower limits. Individual issues should continue to feature the market. EDMUND W. TABELL SHIELDS & COMPANY The opinions expressed in this letter are the personal interpretation of charts

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